Lufax

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Lufax

·Aug. 21, 2017

Lufax Becomes Profitable Ahead of Planned IPO

Ping An Insurance Group's online lender Lufax reported that it is now profitable and is hoping to keep that trend for the rest of the year; "Lufax's development is extremely robust. It actually turned around in the first half. We are very confident that it could stay profitable for the full-year," said Jessica Tan Sin-Yin, Ping An's chief operating officer and chief information officer, during the Chinese insurance group's earnings announcement; Lufax is the largest P2P lending platform in China with $225 billion of outstanding loans; according to their latest funding round in January the company is valued at $18.5 billion with 43% being held by Ping An; the company is planning to go public soon and according to CEO Gregory Gibb they have done a lot of homework for Hong Kong ahead of the potential listing. Source

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Fintech News Roundup

·Dec. 6, 2017

Lufax Working on IPO Plans

Lufax has reportedly hired five banks to work on a Hong Kong IPO which could raise as much as $5 billion; SoftBank’s vision fund is also in talks to invest in the company according to sources; Lufax is the 10th largest unicorn and has delayed IPO plans over the past few years. Source

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Fintech News Roundup

·Jan. 16, 2018

Chinese Fintech Lufax Eyes $60bn April IPO in Hong Kong

One of China’s leading online wealth management companies Lufax is looking to go public in Hong Kong at a $60bn valuation; the South China Morning Post reports the company intends to file their application by the end of January; Lufax was last valued at $18bn in 2016, they have more than 33 million users and over $75bn in assets under management. Source.

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Fintech News Roundup

·Jan. 18, 2018

Lend Academy Article: Funding Circle and Lufax: Two High Profile IPOs for 2018

Peter Renton, Founder of Lend Academy and Co-Founder of LendIt shares his perspective on the likely fintech IPOs in 2018. Source

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Fintech News Roundup

·Mar. 21, 2018

Ping An Insurance Double in the Past Year

Ping An Insurance has seen their market value double in the past year due to new business and their growing affiliate brands; online lender Lufax is valued at more than $18.5bn and Ping An Good Doctor is valued at more that $5.4bn; their growing portfolio is getting investors to ask if they are really an insurer or are they a technology company. Source.

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Asia/Pac Fintech News Roundup

·Aug. 21, 2017

Lend Academy Podcast: Greg Gibb of Lufax

Lend Academy talks with Greg Gibb, CEO and co-chairman of Lufax; Greg Gibb talks about the founding of the business as a P2P platform, its relationship with Ping An and how it has evolved to become a broader provider of wealth management product offerings; the podcast interview also discusses Lufax's future plans for international expansion and a potential IPO. Source

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Fintech News Roundup

·Dec. 15, 2017

Ant Financial and Lufax Look to Benefit from China’s Lending Crackdown

As the government cracks down on riskier lenders the more established brands of Ant Financial and Lufax look to become even more dominant; China’s top ten online lenders account for 36 percent of all loans and that number looks to continue to rise as smaller lenders look to be on their way out; the top lenders use spending analysis, AI and more to determine creditworthiness of borrowers; with the rise in wealth and spending power in China the dominant fintech firms are ideally positioned. Source.

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Peer to Peer Lending

·Jan. 17, 2018

Funding Circle and Lufax: Two High Profile IPOs for 2018

The year is barely two weeks old and we have already learned of IPO plans for two of the world’s...

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Fintech News Roundup

·Jan. 31, 2018

Chinese Online Lenders Flock to SE Asia

Chinese lenders are moving into Southeast Asian countries to explore new opportunities in lightly regulated countries; according to Global Times, over 50 Chinese lenders have already launched overseas operations in countries like Indonesia and Cambodia; current entrants include well known names like CreditEase, Lufax and jimu.com; some lenders are opening up subsidiaries while others are focusing on partnerships with local companies. Source

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Fintech News Roundup

·Mar. 22, 2018

Lufax Delays IPO Amid Regulatory Crackdown

One of China’s largest online lenders has shelved their IPO because of the regulatory crackdown on online lending; the FT reports that Lufax is waiting until the China Banking Regulatory Commission (CBRC) required online lenders to apply for a license; the current thinking is the government will approve licenses in April, though the time frame could be a bit longer; Lufax wants to ensure they get it right instead of rushing to be first. Source.

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